Restaurant & Bar Receipts Remain Stable Compared to Last Year
There’s one economic indicator tied to personal consumption that is doing quite alright while others, such as new vehicle purchases, retail sales and housing starts, are slumping during Alberta’s current downturn – that is no other than restaurant and bar spending!
According to Statistics Canada, Alberta’s restaurant and bar receipts remained relatively unchanged in March of 2016, decreasing just a few percentage points.
The total figure from people dining, eating and drinking at food and drink establishments in the province totalled $721 million.
- This figure is down 1.1 percent compared to March 2015
- This figure is also down 2.5 percent compared to record high month in August 2015
You Would Think…
However, considering that the length and severity of the current economic downturn that saw the provincial economy drop by four percent and push the unemployment rate up by nearly three percent to record high levels, one would think that the reduction in spending at restaurants and bars would be much more drastic than it has been.
There is some information from the provincial level of government that suggests Albertans are actually seeking out more affordable places to dine.
The idea that many people are trying to make their dollars last longer while eating out makes sense, although it hasn’t been officially proven through cold, hard facts.
It’s important to note that the total spending figure of $721 million includes all full service restaurants, fast food restaurants, bars and catering restaurants and has been adjusted to take into account seasonal variations in spending.
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